The directors have pleasure in presenting the Twenty Fifth Annual
Report along with the audited accounts of the Company for the year
ended 31st March, 2012
(Rs. in lakhs)
Particulars Year Year
Total Income 58.14 8.80
Total Expenditure 27.39 17.52
Profit (Loss) Before Taxation 30.75 (8.72)
Less: Provision for Taxation 12.71 0.11
Less: Prior Period Adjustment Nil 0.78
Less: Tax Adjustments of Earlier Years Nil 3.34
Profit/(Loss) After Taxation and Prior
Period Adjustments 18.04 (12.95)
Surplus brought forward (6.61) 6.34
Amount available for appropriation 11.43 (6.61)
Balance carried to Balance Sheet 11.43 (6.61)
RESULTS OF OPERATIONS
During the year under review, the Company recorded a turnover of Rs.
58.14 Lacs, as compared to Rs. 8.80 Lacs recorded during the previous
year. The Company recorded a net profit after tax of Rs.18.04 Lacs
during the year as compared to loss of previous year for Rs. 12.95
In order to further strengthen the Company to expand its business
activities and to conserve the financial resources, your Directors
regret for their inability to recommend any dividend for the financial
At present Company is engaged in the business of film production;
therefore segment wise reporting as defined in accounting standard
(AS-17) is not applicable.
During the new financial year 2012-13 Company has started production of
3 new Hindi feature films titled as Ajab Gazabb Love, Rangrez and
As on date all the 50,00,500 Equity Shares of the company are listed on
the Bombay Stock Exchange Limited. But from May 2002 Company''s shares
are suspended for trading from Bombay Stock Exchange Limited (BSE) due
to non compliances of certain clauses of Listing Agreement. However the
process of revocation of suspension of trading from BSE is going on and
after the revocation of suspension of trading Company''s shares will
continue to trade at the BSE.
The listing fees payable to the Bombay Stock Exchange Limited (BSE) for
the year 2012-2013 have been paid.
For dematerialization of shares, Company has connectivity with both the
Depositories i.e. National Securities Depository Ltd (NSDL) and Central
Depository Services (India) Ltd. (CDSL). The Annual Custodial Fees for
both the depositories for the year 2012-13 has been paid.
Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
the Corporate Governance Report along with Certificate by the
Practicing Company Secretary on its Compliances forms a part of this
MANAGEMENT DISCUSSION & ANALYSIS
The Management Discussion and Analysis Report for the year under
review, as stipulated under Clause 49 of the Listing Agreement with
Stock Exchanges in India, is presented in a separate section which
forms part of the Report.
Your company has not accepted any fixed deposits from
public/shareholders during the year under review and as such, no amount
of principal or interest was outstanding as of the balance sheet date.
Mr. Vivek Bhole retires by rotation in accordance with the provisions
of Articles of Association of the Company and being eligible, offers
himself for re-appointment.
M/s. Khandelwal & Khandelwal Associates, Chartered Accountants
Statutory Auditors of the Company, hold office until the conclusion of
the ensuing Annual General Meeting and are eligible for re-appointment.
The Company has received letter from them to the effect that their
re-appointment, if made would be within the prescribed limits under
section 224(1B) of the Companies Act, 1956 and that they are not
disqualified for such re-appointment with in the meaning of section 226
of the said Act.
Observations made in the Auditor''s Report are self- explanatory and
therefore do not call for further comments under Section 217(3) of the
Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT
The Board of Directors of your company state:
i. That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii. That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit/loss of the Company for that period.
iii. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 safeguarding the assets of the
company and for preventing and detecting fraud and other
iv. That the directors have prepared the annual accounts ongoing
PARTICULARS OF EMPLOYEES
Pursuant to the provisions of Section 217 (2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975
nobody of the Company is drawing salary or commission, which exceeds
the limit set out in the above section.
Therefore nothing has been mentioned in this regard.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Information required to be given pursuant to Section 217(1) (e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the report of Board of Directors) Rules, 1988 do not apply to the
During the year under review, the company did not earn and outgo of any
The Directors wish to place on record their sincere appreciation and
acknowledge with gratitude the support and co-operation extended by the
Bankers, Shareholders, customers, employees and look forward to their
For and on behalf of the Board of Directors
Vashu Bhagnani Puja Bhagnani
Managing Director Director
Place : Mumbai
Date : 14th August, 2012